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Covid-19 Tax Legislation Updates: Business Interest Deductions, Student Loan Payments And Paid Time Off | TaxConnections
ore on the COVID-19 legislation and related administrative guidance from the DOL. This week we have updates on business interest deductions, student loan payment info, and DOL guidance on the PTO that was mandated by the new legislation. Are you keeping up? CARES Act: Business Interest Deduction Relief The CARES Act increases the 30% of adjusted taxable income (ATI) limit on the business interest deduction (as imposed under the 2017 tax reform law) to 50% for corporations in 2019 and 2020. All entities (corporations and pass-throughs) can ele